Venezuelan Authorities To Propose To Peg El Petro Tokens To Oil
Venezuelan authorities are striving to make their El Petro cryptocurrency a circulating asset for buying and selling oil, which could be accepted by all oil-extracting countries in the world, Latin American agency Prensa Latina reports.
Manuel Quevedo, the Minister for country's oil industry and head of PDVSA, the national oil company, wrote on Twitter that Venezuela would suggest all members of the Organization of Petroleum Exporting Countries (OPEC) to use El Petro as the main cryptocurrency pegged to the cost of oil next year.
En Vídeo! Ministro @MQuevedoF: El Petro se convertirá en la moneda digital de las transacciones petroleras a nivel mundial; la presentaremos ante la OPEP, es una de las medidas de internacionalización de la moneda. pic.twitter.com/TUEpgsDnWY— PDVSA (@PDVSA) 8 ноября 2018 г.
In another post, Quevedo expressed confidence that El Petro would become a cryptocurrency for monetary transactions with oil throughout the world. Venezuela will introduce the asset to OPEC, and this will be one of the steps towards its international recognition.
The government assumes that El Petro tokens can be used to sell oil, starting in Q1 2019. The Minister believes that such a measure will contribute to the growth of the economic power of the country, guarantee its uprise and prosperity.
Besides, companies interested in Venezuela’s oil products may start using the crypto platform. Quevedo invited the aviation corporations and shipping firms to register in the crypto wallet and make transactions with the help of El Petro.
The national crypto asset became available for purchase by citizens of the country in late October. For this purpose, a person needs to register on the official website of El Petro.
As previously reported, the banks in the country began to use Venezuelan cryptocurrency.